The Reserve Bank of India (RBI) has alerted the public about fake videos circulating on social media that feature top officials, including the RBI Governor, offering financial advice or promoting investment schemes. These videos, created using advanced technological tools like deepfakes, falsely claim to have the RBI’s endorsement for such schemes.

In a press release, the central bank clarified that these videos are fake and warned people not to engage with or believe in them. The RBI also reiterated that it does not provide financial investment advice or support any specific investment schemes.

WHAT ARE DEEPFAKES?

Deepfake technology uses artificial intelligence to create realistic but fake images, audio, or videos. It can manipulate videos to make it appear as though someone is saying or doing something they never actually said or did. In this case, scammers have used deepfake technology to make it look like the RBI Governor and other top officials are promoting financial schemes.

Such fake videos can be highly convincing and may lead unsuspecting individuals to trust and invest in fraudulent schemes.

RBI’S WARNING

“It has come to the notice of the Reserve Bank of India that fake videos of the Governor are being circulated on social media that claim the launch of or support for some investment schemes by the RBI. These videos attempt to advise people to invest their money in such schemes using technological tools," said RBI in a press release.

The central bank made it clear that its officials are not involved in such activities and strongly denied any connection to these schemes. It emphasised that members of the public should remain vigilant and not fall prey to these fraudulent videos.

RISKS OF FALLING FOR DEEPFAKES

Fake videos like these pose significant risks to the public:

Financial Loss: People might invest their money in fraudulent schemes, believing they are endorsed by trusted authorities like the RBI.

Data Theft: Scammers could use such schemes to steal sensitive personal and financial information.

Erosion of Trust: These scams can damage the public's trust in genuine organisations and their officials.

HOW TO STAY SAFE

To protect yourself from falling victim to such scams, follow these tips:

Verify Information: Always cross-check investment advice or schemes claiming to be endorsed by official institutions. Visit the RBI’s official website or contact their helpline for accurate information.

Be Cautious with Social Media: Do not trust everything you see on social media, especially videos or messages asking for money or promoting schemes.

Avoid Sharing Personal Details: Never share personal or financial details with unverified sources or platforms.

Report Suspicious Content: If you come across such fake videos, report them to the social media platform and inform the authorities.